Timah posts nine-month net loss

State tin miner PT Timah Tbk announced Monday it posted Rp15.1 billion (US$ = 9,975) in net profit after tax for the third quarter 2002 although still posting a loss of Rp38.7 billion for the first nine months of 2002. Timah?s last year?s nine-month net profit was Rp. 25.4 billion.

The company attributed the improvement of financial performance relative to the previous quarter to the reduction of production cost components particularly compensation for inland tin-in-concentrates. This has resulted in lower cost of goods sold.

Cost of goods sold during the first nine months of 2002 was Rp 943.8 billion, 5.55 percent lower than last year?s nine-month period of of Rp 999.3 billion.

Average tin price received by the company during the third quarter of 2002 was US$ 4,206 per ton compared to US$ 4,066 per ton in the same period last year, an increase of 3.5 percent. While for the 9 months period average price received was 10.7 percent lower at US$ 4,160 compared to US$ 4,658 the same period last year.

Sales volume of refined tin of 14,115 tonnes for the third quarter of 2002 was 21.3 percent higher than for the same period last year of 11,637 tonnes, although for the first nine month the figure was not much different from the same period last year of around 28,000 tonnes. (alex)